Switching A Mortgage
Most people are unaware of the ramifications of changing lenders. When you renew a mortgage, you are basically starting from scratch. You are, simply put, discharging the existing mortgage and taking out a new one, thus beginning a whole new slew of payment process—albeit at a lower principal amount. Therefore, you should treat the idea of switching mortgages as important as the first time you took one out. Please remember that your circumstances may have changed since then and thus will require a different and remodeled product with different terms suited to your current standing.
n most provinces, switching requires only a simple assignment of interest in the mortgage to be executed by all parties, as well as registered on title. This assignment attaches more specific terms that will have a paramount legal effect, as well as replaces the standing ones of the transferring institution. And so, even though the old mortgage is still registered on title, all previous terms and conditions on record by your previous lender will be replaced by those of your new lender, under the assignment of interest.
Furthermore, the form you have on hand from your previous lender who did your prior mortgage financing has a rate that could not be as competitive as it should be. Do not let the harsh reality and rigors of negotiation distract you by simply signing the form and sending it back to the lender as it will no doubt cost you in higher rates.
Lenders depend on 70% of mortgage renewals simply signing the form and mailing it. Human nature of relying on convenience is one of their key strategies, though they are not forcing you to do so otherwise.
Now, let me do the work for you! Convenience coupled with lower cost. All with a mortgage that has terms that suit your current situation. Fact is it is highly likely that another lender may give you what you want, at a rate you want, since there are no legal implications to actually switching.
Want to know if a Second Mortgage may be right for you?
- Has your bank has turned down your loan request?
- Are you unable to obtain financing from other sources?
- Are you self employed or unable to verify your income?
- Have you had some credit problems in the past?
- Do you need money quick and for a short term?
- Do you need to consolidate debts to avoid high interest rate credit cards?
We have direct access to both institutions and private lenders of second mortgages for quick response and fast funding.
The funds available on your second mortgage depends solely on how much you need, the current value of your home, the existing mortgage(s) on your property and your capability to repay the mortgages. For quick answers to your questions and to complete your second mortgage application, apply or contact me today!
No Obligation | No Down Payment | No Problem!
Orangeville Office
193 Broadway,
Orangeville, ON
L9W1K2
Real Mortgage Associates Inc.
578 Upper James Street, Hamilton,
Ontario L9C 2Y6 Hamilton
Contact Info
- (519) 362-0353
- sohidon@gmail.com
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